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| Tekijä: | Frazzini, A. Lamont, O.A. |
| Otsikko: | Dumb money: Mutual fund flows and the cross-section of stock returns |
| Lehti: | Journal of Financial Economics
2008 : MAY, VOL. 88:2, p. 299-322 |
| Asiasana: | stock returns investors |
| Vapaa asiasana: | mutual funds |
| Kieli: | eng |
| Tiivistelmä: | In this paper, mutual fund flows are used as a measure of individual investor (hereafter as: invt./invts.) sentiment (here as: stmt.) for different stocks. It is found that high stmt. predicts low future returns. Fund flows are dumb money, by reallocating across different mutual funds, retail invts. reduce their wealth in the long run. This dumb money effect is related to the value effect: high stmt. stocks tend to be growth stocks. High stmt. is also associated with high corporate issuance etc. |
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